A good deal for those who need to rebuild their credit score.
The card can be an ideal solution for those who need to start establishing a credit score or rebuild it. It offers a number of great features. In particular, this “tool” comes with a set of options in terms of paying a bill and a rather long grace period. Due to it, you can forget about late payments that result in penalty fees.
Basic features and advantages of the card
The card is designed like many other secured cards that you can find at the market. It is very beneficial for those people who have either bad or limited credit. Of course, it also requires a cardholder to make a deposit. When you decide on the sum you’ll use as a deposit, keep in mind that it’ll be equal to the credit line you’ll get.
This is probably all as far as the basic features go. Now, we want to tell you about some perks of the card that make it a really good choice.
- The card works well for you whether you’re starting to build a credit score or you need an opportunity to improve your score. We believe that applying for the card in any of the cases mentioned above is the right thing to do. The fact is that those people whose credit score is either bad or average have more chances to get a secured card than an unsecured one. This is why these cards are so popular among those who can’t boast an excellent credit history.
- The card implies a bit longer grace period. This card promises a grace period that lasts from 24 to 30 days. If you compare it with other secured cards, you’ll see that almost none of them come with the period that lasts longer than 25 days. Actually, these 6 extra days may be very advantageous for those who want to avoid late payments at all costs.
- You’ll be granted the access to a special tool. We are speaking about the US Bank’s online flex control tool. The aim of this tool is to let you chose the monthly payment date by yourself and help you decreasing your current debt without paying interest. Actually, if you’re afraid of forgetting about the payment date, you can even set up an auto payment operation. If you decide to do it, we recommend you making sure that you have enough money on your account each month.
Our tip: The best habit for you to have is paying off your balance on time and in full each month. Remember that only this way you’ll successfully rebuild your credit score.
Other credit cards that you may be interested in
The first thing that may be disappointing for some potential cardholders is that this card won’t let you earn rewards. Well, it’s not what secured cards are designed for. There is only one aim they have – helping you to build or improve your credit score so that you can qualify for cards with more perks. If you’re the one who wants to be able to earn rewards with a secured card, have a look at the Lanpass Visa Secured. This card promises you 1 LANPASS Mile for every dollar you spend booking trips with either the LATAM airline or its partners. Right after you make your first purchase, you’ll be rewarded 5,000 bonus points. In addition to all these offers, once a year you’ll get a 10% discount on a purchase with the airline. If you are the one who frequently flies across Latin America, the card is great for you. Be ready to make the minimum deposit of $300 and pay $25 as an annual fee (starting from the 2nd year).
- The card requires you to make a big minimum deposit. The card we are talking about in this article will be given to you only under the condition that you make a deposit of at least $300. The emitting banks states that those who make a lower deposit are very likely to be denied. Actually, there are cards out there that are given to a cardholder with lower deposit.
We recommend you learning more about the Capital One® Secured Mastercard®. With this card your deposit will be determined based on your credit history. Consequently, you may get access to the credit line of $200 once you make a deposit of $49. (There is also a possibility to increase your credit line up to $3,000). In order to find more information about the card, visit the issuer’s official website or find the article about it.
- The card has an annual fee that you’re required to pay for as long as you stay a cardholder. The fee is waived for the 1st After that, you’re expected to pay $29. You need to know that there are secured cards out there that have either no such like fee or a lower annual fee.
Summary: Is the Secured Visa the card you should get?
The card is great for those who are striving for rebuilding or starting to build their credit scores. It’s the only aim it has. That’s why you shouldn’t expect any other features (like rewards) with it.